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Privilege Wealth suspends redemptions amid shooting & '$40m deficit'

March 31, 2017 by David Marchant

HIGHLIGHTS

  • Burton arrested in hospital on warrant from Spain, where he is wanted for fraud
  • Panama call center boss Chris Burton shot three times but survives murder attempt
  • Privilege Wealth admits redemptions are suspended, refuses to confirm or deny insolvency
  • Privilege Wealth insider says group is insolvent by at least $40m
Five months after being exposed as a fraud by OffshoreAlert, the Privilege Wealth investment scheme has collapsed, with an insider claiming there is a deficit of more than $40 million. Redemptions to investors have been suspended, Privilege Wealth's main office - a call center in Panama - has closed after the attempted murder of its boss - a fraud fugitive in Spain - and unpaid payroll and the group's registered agent in Gibraltar has resigned.

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